First Mortgage Rates, Fees & Info

Hiawatha, IA

LEI: 549300ZNV71J20M52A37

Tax ID: 42-0173225

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Mortgage Data

Review & Overview

First is a smaller mortgage company specializing in Home Purchase loans. First has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Cedar Rapids, Iowa City, Waterloo, Dubuque, and Chicago among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

First has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.62% 11/22/24
30 Year Conventional Refi 6.85% 11/22/24
30 Year Cash-out Refi 5.72% 11/22/24
30 Year FHA Purchase 7.72% 11/22/24
15 Year Conventional Purchase 7.62% 11/22/24
15 Year Conventional Refi 5.76% 11/22/24
15 Year Cash-out Refi 5.76% 11/22/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

299

Origination Dollar Volume (All Markets)

$30,865,000

Awards

FIRST 30 Year Conventional Loans gold FIRST 30 Year Conventional Loans gold FIRST 30 Year Conventional Loans gold
Show all (3) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
CEDAR RAPIDS, IA (FHA|USDA|VA) 258 $26,350,000 $102,132 $1,489 5.43%
Outside of Metro Areas 16 $1,810,000 $113,125 $1,461 4.63%
IOWA CITY, IA (FHA|USDA|VA) 8 $940,000 $117,500 $1,240 4.98%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 6 $620,000 $103,333 $2,214 5.66%
DUBUQUE, IA (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $210,000 $105,000 $721 7.37%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $3,964 4.63%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $180,000 $90,000 $1,117 5.68%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $165,000 $165,000 $1,765 3.63%
Carroll, IA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.24%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $45,000 $45,000 $2,085 3.50%
Oskaloosa, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.49%
Clinton, IA (FHA|USDA|VA) 1 $5,000 $5,000 $0 3.74%
First's top markets include Cedar Rapids, Iowa City, Waterloo, Dubuque, and Chicago among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Citizens State Bank
    Similarity Rank: 68
    Farmers Savings Bank & Trust
    Similarity Rank: 76
    FIRST
    Similarity Rank: 117
    Hills Bank and Trust Company
    Similarity Rank: 117
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 216
    Collins Community Credit Union
    Similarity Rank: 247
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 273
    BankIowa of Cedar Rapids
    Similarity Rank: 304
    American Trust & Savings Bank
    Similarity Rank: 567
    RUHL MORTGAGE, LLC
    Similarity Rank: 576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 297 $30,835,000 $103,822 $1,506 5.34%
    HELOC 1 $25,000 $25,000 n/a 5.75%
    FHA 1 $5,000 $5,000 $451 12.38%

    For 2018, First's most frequently originated type of loan was Conventional, with 297 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 153 $19,195,000 $125,458 $1,707 5.13%
    Refi 69 $5,925,000 $85,870 $1,195 5.03%
    Cash Out Refi 34 $3,080,000 $90,588 $1,298 5.43%
    Home Improvement 23 $2,045,000 $88,913 $1,258 5.59%
    Other 20 $620,000 $31,000 $451 7.97%

    For 2018, First's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 132 $19,870,000 $150,530 $1,821 4.22%
    15 Year 74 $6,890,000 $93,108 $1,352 5.16%
    Other 42 $1,940,000 $46,190 $484 7.51%
    5 Year 29 $715,000 $24,655 $397 7.55%
    20 Year 15 $1,225,000 $81,667 $2,046 5.39%
    10 Year 6 $220,000 $36,667 $933 6.41%
    3 Year 1 $5,000 $5,000 $451 12.38%

    For 2018, First's most frequently cited loan duration was 30 Year, with 132 originations. The 2nd most popular length was 15 Year, with 74 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 203 $26,545,000 $130,764
    $1k-2k 3 $595,000 $198,333

    First's average total fees were $1,821, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 203 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 130 $18,510,000 $142,385
    4-5% 74 $8,820,000 $119,189
    Over 8% 32 $740,000 $23,125
    5-6% 29 $1,375,000 $47,414
    6-7% 22 $900,000 $40,909
    7-8% 12 $520,000 $43,333

    During 2018, First's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 3-4%, with 130 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 172 $7,840,000 $45,581 $1,092 6.39%
    $100k-200k 87 $12,475,000 $143,391 $1,831 4.00%
    $200k-400k 39 $10,135,000 $259,872 $1,885 3.95%
    $400k-600k 1 $415,000 $415,000 $1,822 4.25%

    2018 saw First place emphasis on $100,000 or less loans with 172 originations, totaling $7,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 93 $9,325,000 $100,269 $1,579 5.17%
    $50k or less 74 $5,480,000 $74,054 $1,601 5.46%
    $75k-100k 53 $6,085,000 $114,811 $1,300 5.30%
    $100k-150k 45 $5,025,000 $111,667 $1,398 5.96%
    $150k-250k 31 $4,175,000 $134,677 $1,517 5.13%
    $250k+ 3 $775,000 $258,333 $1,368 4.21%

    First lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $50k or less, with 74 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $8,590,000 $110,128 $1,520 5.07%
    30-36% 51 $4,695,000 $92,059 $1,555 5.89%
    <20% 37 $2,625,000 $70,946 $1,374 5.45%
    42% 16 $2,190,000 $136,875 $1,460 5.60%
    36% 14 $1,420,000 $101,429 $1,490 5.22%
    37% 14 $1,660,000 $118,571 $1,575 5.93%
    39% 12 $1,470,000 $122,500 $1,387 5.12%
    40% 11 $1,195,000 $108,636 $1,863 5.26%
    44% 10 $1,330,000 $133,000 $1,812 4.65%
    43% 9 $1,125,000 $125,000 $1,618 4.25%
    41% 9 $865,000 $96,111 $1,485 5.01%
    >60% 7 $515,000 $73,571 $1,091 4.58%
    38% 7 $1,165,000 $166,429 $1,545 4.37%
    50-60% 6 $460,000 $76,667 $981 8.50%
    45% 5 $635,000 $127,000 $1,687 4.72%
    46% 4 $310,000 $77,500 $1,451 4.56%
    47% 4 $370,000 $92,500 $1,174 5.78%
    48% 1 $45,000 $45,000 $0 7.99%
    49% 1 $75,000 $75,000 $0 6.74%

    First lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 278 $29,330,000 $105,504 $1,521 5.26%
    Not provided 9 $685,000 $76,111 $872 6.51%
    Black 7 $655,000 $93,571 $1,597 6.45%
    Asian 2 $110,000 $55,000 $451 8.87%
    Not applicable 3 $85,000 $28,333 $0 7.41%

    Approval Rates

    Total approvals of all applications
    87.37%

    First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.96%

    First has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 299 $30,865,000 $103,227

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 40 $1,210,000 $30,250
    Single Family (1-4 Units):Site-Built 259 $29,655,000 $114,498

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $2,220,000 $48,261 $701 6.56%
    40-60% 14 $1,230,000 $87,857 $1,800 5.81%
    60-80% 61 $7,435,000 $121,885 $1,805 4.63%
    80-100% 117 $18,245,000 $155,940 $1,778 4.48%
    Under 20% 60 $1,700,000 $28,333 $360 6.79%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRSTBANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    FIRSTBANK Other type of mortgage Trouble during payment process 1 33.3%
    FIRSTBANK Conventional home mortgage Closing on a mortgage 1 33.3%